Kentucky Property and Casualty License Exam question n answers graded A+

Kentucky Property and Casualty License Exam ISO - correct answer Insurance Services Office Parts of an Insurance Contract - correct answer Declarations, Insuring Agreements, Conditions, Exclusions, and Definitions Declarations of a Contract - correct answer state who in insured, whether it is an individual or business. states WHAT is insured (specific or broad) Named Insured - correct answer person or business named in the Declarations to whom the policy is issued First Named Insured - correct answer person listed first on the Declarations page Policy Period - correct answer WHERE and WHEN coverage of a policy begins and ends Policy Limit or Limit of Coverage - correct answer maximum amount insurance company will pay for a loss Named Peril - correct answer what a policy will specifically insure against (fire, water damage, wind damage, etc) Open Peril - correct answer insures against all risks of physical loss except those specifically excluded Exclusion: Nonaccidental losses - correct answer excluded because they are on purpose and not risks at all ex. (wear and tear, rust, corrosion, etc)